I am proud to introduce V SYSTEMS, a project aiming to bring the Virtual Economy Era one step closer.

During the development last year, the team worked hard to develop a new blockchain model based on the Supernode Proof of Stake Consensus system. Now we want to make sure that we have the necessary corporate structures in place to take the project to the next level. V SYSTEMS will allow us to achieve the next stage of our vision.

I would also like to take this opportunity to say a big thank you to the project team for their dedication and commitment. The team has made huge strides toward making our vision a reality. There will be more detailed development updates coming from the V SYSTEMS team, but today I want to highlight some of the progress:

The new Supernode Proof of Stake Consensus (SPOS) is more resistant to 51% attack than Proof of Work Consensus (POW).

A flexible smart contract system is under development that will allow support for different languages.

Database functionality is being developed in stages with close integration with smart contract system in mind.

From today, the team will be updating the community on the progress of project V SYSTEMS. While the company may be new, our vision and mission remain the same. We want to solve the scalability and cost issues that are holding back the true potential of blockchain technology. Through our efforts we are laying the foundations for a future where blockchain databases provide the fundamental infrastructure running businesses, economies and perhaps society itself. Today we make an important step toward accomplishing such a vision.

I am proud to introduce V SYSTEMS, a project aiming to bring the Virtual Economy Era one step closer.

During the development last year, the team worked hard to develop a new blockchain model based on the Supernode Proof of Stake Consensus system. Now we want to make sure that we have the necessary corporate structures in place to take the project to the next level. V SYSTEMS will allow us to achieve the next stage of our vision.

I would also like to take this opportunity to say a big thank you to the project team for their dedication and commitment. The team has made huge strides toward making our vision a reality. There will be more detailed development updates coming from the V SYSTEMS team, but today I want to highlight some of the progress:

The new Supernode Proof of Stake Consensus (SPOS) is more resistant to 51% attack than Proof of Work Consensus (POW).

A flexible smart contract system is under development that will allow support for different languages.

Database functionality is being developed in stages with close integration with smart contract system in mind.

From today, the team will be updating the community on the progress of project V SYSTEMS. While the company may be new, our vision and mission remain the same. We want to solve the scalability and cost issues that are holding back the true potential of blockchain technology. Through our efforts we are laying the foundations for a future where blockchain databases provide the fundamental infrastructure running businesses, economies and perhaps society itself. Today we make an important step toward accomplishing such a vision.

Have known V SYSTEMS for long, and the previous name is VEE.Just in case anyone is cheated, I am going to tell you it is like a scam.

They cheated quite a lot during fund raising, and by this, they raised $160 million. 1. They said they worked for it over 2 years, and in fact they didn't have any code at all!

When they were raising fund during Feb 2018, they said they had worked on it for over 2 years. In fact, their first code was forked from waves on March 2018. 2. They just played a little code the time they claimed to be listed.

When they raise fund during Feb 2018, they said they would list coin be listed late Apr 2018.In fact, they just tried waves code a little, and even unfamiliar with it at the time. They started to submit some useful code after late July 2018.3. Leasing can't be used at all for now, cause they have no smart contract at all now.

4. Their supernodes were not elected, but selected! Even much more centralised then EOS.

5. They made investors feel like it's hype and should invest ASAP during Feb 2018. And in fact they were still raising money late Sep 2018.

6. They privately promised they will buyback if the exchange price is lower than private price, in fact they failed to do that.

Their scam was revealed little by little when they failed to show code, to be listed, some investors asked to refund, they asked investors to calm down and promised to buyback at private sale price if the price drops lower than private price. In fact they are now hiding and escaping it. The private price was 1000 Satoshi, around 0.09USD, and the price is about 800 Satoshi, around 0.028USD now.6. They are so much familiar to tell lies to cheat your money, KEEP AWAY FROM it.

They raised nearly $160million early 2018, and claimed they had worked on it since 2016, and would lunch mainnet on Late April 2018.And in fact, as you can see in the github code submission, they just forked Waves around March 2018, and started to submit code after late July, and then the mainnet went online nearly October.

They claimed they would list it to exchanges in late April 2018, and in fact haven't be listed until now.

They said you would be able to lease your coins to supernode; in fact now there's no smart contract at all! Trustless or FULLY TRUSTED to lease coins to supernodes???

Regarding the fork from Waves, we did use some basic infrastructure from Scorex and Waves to speed up development, like nodes design, communication among nodes and leasing features. In our opinion, one doesn't have to re-invent the wheel every time. Having said that, our goal and vision are completely different. Our first release has implemented our new consensus mechanism called Supernode Proof of Stake, a.k.a. SPoS with future plans to build a general-purpose blockchain database in which data and information can be represented in a descriptive manner while preserving integrity. This allows for faster development and adoption of blockchain powered applications. SPoS addresses the issue of scalability for wider adoption. See the coverage of Crypto Briefing on Sunny King's vision: https://cryptobriefing.com/sunny-king-blockchain-utility/.

Regarding coin listing, we will have a big announcement late tomorrow. Stay tuned!

As for the coin leasing part, as mentioned in our whitepaper, we are actually adopting a technology called "cold minting". Even when a coin is leased to a supernode, the ownership DOES NOT transfer to the supernode, and it remains with the coin owner. Coin owner has the right to withdraw from the lease at any moment. Details can be found on the technical whitepaper of SPoS: https://www.v.systems/pdf/sposwhitepaper.pdf.

Because they cheated a lot when raising fund, and by this, they raised $160 million.[/b][/size][/color]

1. They said they worked for it over 2 years, and in fact they didn't have any code at all!

When they raise fund during Feb 2018, they said they had worked on it for over 2 years. In fact, their first code is forked from waves on March 2018.

2. They just played a little lines the time they claimed to be listed.

When they raise fund during Feb 2018, they said they would list coin be listed late Apr 2018.In fact, they just tried waves code a little, and even unfamiliar with it at the time. They started to submit some useful code after late July 2018.

3. Leasing can't be used at all for now, cause they have no smart contract at all now.

4. Their supernodes were not elected, but selected! Even much more centralised then EOS.

5. They are so much familiar to tell lies to cheat your money, KEEP AWAY FROM it.

Being based on high-performance nodes, SPoS will enable a huge rise in the speed, scalability and security of blockchain tech against a 51% attack. Our mainnet of 15 supernodes has been up and running since September with a high degree of resilience and industrial-level TPS , so we’re speeding ahead to the next stages.

VSYS Coins' supernodes are elected among coin holders. Similar to mining pools for Bitcoin, the role of supernodes is to take on the heavy lifting of the mining work (in V SYSTEMS' case, minting instead of mining). In Bitcoin's case, the true benefits go to the miners; and in our case, the coin owners. The majority of supernode minting reward in V SYSTEMS is given to coin owners who leased their coins to supernodes for minting. Sunny King designed this logic to better align with Satoshi's initial vision of giving mining/minting rights to actual coin owners. If anyone's interested in learning more about how supernode / minting is benefiting coin owners, we would recommend giving a read to the SPoS whitepaper: https://www.v.systems/pdf/sposwhitepaper.pdf